As the title says I got into Amherst College and I’m extremely excited and happy. I’m pretty sure it’s the college I’m going to go to. My financial aid was sent with the decision. I talked to my college advisor about it but all she said was that it was a really good amount. Awesome - but I’m still confused with a few things. I was hoping y’all could help out.
So the cost of going to Amherst for the 2016-2017 school year, tuition/room&board/books/travel fees included is $70,000. Yeah, I broke out into a sweat when I read the price at first. I still applied though an put it as a reach. Last week they released the decisions and finaid info. They gave me about $60,000 as a scholarship from the school, no repayment needed. In the finaid package they also estimated I’ll earn about $2,200 from federal work-study and $1,300 from pell grants. That together is about $64,000 of finaid I won’t have to pay back.
For my student contribution they said I have to pay $1,000 and my parents have to contribute $5,000-$6,000. My parents already said they won’t pay for my college since they don’t have the money and already paid for my high school (fair enough). To cover the $6,000-$8,000 of remaining costs I’ll have to take loans out right? Can I talk out loans for both my contribution and my parent’s contribution? Is this a good deal? Thank you.
Excellent deal. The schools break it all up, but really you need to think of it as needing $10k. You get $1300 from pell grant. The work study you have to earn and it just shouldn’t be part of the equation because you’ll just spend it as you earn it. You can borrow $5500, so now you need about $3200 ($10k-$5500-$1300). Absolutely do-able with summer jobs, some of the work study, and probably the easiest way, watching your spending. Of that $10k, probably $4000 is for books, personal expenses, travel and you can cut that down by watching your spending, searching for used books, not having a car or traveling much.
Just curious, not trying to be judgmental, but it’s surprising to me that your parents would make the investment for private high school (the idea generally being to get a better education than the local public school offers in order to be better prepared for college), and then say that they won’t pay for college because they don’t have the money/already paid for high school. That’s kind of like spending money on a nice wrist band for a watch, and then saying that you don’t have the money/don’t want to buy the watch.
Anyway, the offer from Amherst is extremely generous. Congratulations!
@twoinanddone That’s the kind of break down that I needed. Thank you very much. I’m going to talk to my family about this more and see what we can do for loans. I can’t drive so I’ll be saving money like that lol. I’ll join the hundreds of other bikers on campus. And my mom said she’ll try to send me $200 every 2 weeks to me to help. It’s better than nothing. And thank you!
@BelknapPoint Ikr? I wasn’t really in the position to fight against it though since I know money is tight and it was tough for them to pay my high school. Also I guess they don’t want to be unfair. My older 3 sisters all had to take out loans and they didn’t help them so it wouldn’t be fair to start with me. I feel confident I’ll figure this out without a lot of help from them anyways. And thank you!
It looks like the $5500 Direct Loan will fill the amount you need. So take it. You just need to contact Amherst financial aid and say you want the Direct Loan.
Hopefully you are also working this summer.
Just remember your work study miney is not given to you up front. You need to earn that. I would suggest you plan to use that for personal expenses and things like that…that you might be able to cover with summer earnings for the fall term.
Amherst DIrect cost today is $63,772 (I expect a tuition increase for next year). Hopefully @OHMomof2 will chime in because I think she has a child who also attends and can give you the direct cost for 2017-2017
Right now you have $60,000 in amherst grant aid and $1300 in pell grants = $61,330
You need a summer job (maybe two) to make enough money to cover your direct cost to attend. based on todays fees, you will need $1236 this summer, to walk into your dorm, eat on the meal plan and attend classes (it may be a little more depending on the tuition increase.
Overall, you need about $3000 to meet your direct cost. If your parents are going to send you $400 a month, ask them about setting up a payment plan to pay their part in monthly installments.
You will also need some start up money (sheets, blankets, books and sundry items).
For work study, you will not get that money until you find a job and work those hours. You can use this for pocket money, laundry money, etc.
If your parents are not going to help you, you can borrow the $5500, but it will be unsubsidized because you do not have a financial need. If you grind it out, you may not need a loan
If your mom is going to send you $200 every 2 weeks, bank it to pay your balance of the spring semester tuition and fees.
@thumper1 Thank you for the advice! I’m trying very hard to find a summer job. It’s rough since I’m 17. A lot of places aren’t interested in hiring me. I’m still looking though!
Congratulations! I don’t have the direct cost in front of me but I do know Amherst includes books and travel in coa so that’s where the 70k came from. You can take a loan if necessary to cover your part or your parents part, yes. They just don’t put them in fa packages.
@sybbie719 Thank you very much for the thorough comment. When you put it that way, I have a chance of working now to help pay with the costs. The alternate payment methods are very helpful. I just … need to get a summer job lol.
Ps: you probably won’t have much in the way of personal expenses. You’ll have 3 meals a day, room, and there aren’t fees for clubs and things in d’s experience. She does fine on far less than $100 a week which is what your parents say they’ll give you.
@OHMomof2 That’s awesome your daughter goes to Amherst. Can I message and ask about her experience so far? I really don’t know what to expect and would love to know some more. And thank you for the advice!
Congratulations Bennie! Great package. if you are in an area where you can tutor that’s a way to make some $$ as well. Good luck to you and go Rock it at Amherst
Yes, if your parents can give you $100 a week that would definitely help. For books and other expenses and then you can save your work study for semester bill if needed.
Around here most places hire at 16. I would put my feelers out now since college students from your town might be returning and looking for summer jobs soon. Look in retail or restaurants, grocery stores, or do mowing, pet sitting or babysitting in the neighborhood.
One more thing to check - your health insurance. If it covers you in the Amherst area you can be exempted from having to buy theirs, but if not you will need to. However, Amherst will add that cost to your financial aid package if you have a certain amount of need, so look into that by early summer.